Lynn Johannson, Advisor, Sustainability and ESG
January 4th, 2024
Lynn Johannson, President of E2 Management Corporation and Catalyst for THE Collaboration
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How Fintechs Can Drive Financial Literacy in November
Financial Literacy Month | Sep 4, 2024
Image courtesy of FCAC
Fintechs Can Play a Leading Role in Promoting Financial Literacy!
To strengthen financial literacy in Canada, the Financial Consumer Agency of Canada (FCAC) launched financial literacy month (FLM) back in 2011 and continues to lead a national campaign to engage organizations across private, public, and the non-profit sectors to encourage financial education and resilience every year. This November is Financial Literacy Month.
One of the main theme's this year is "Money on your mind. Talk about it!" to help break the taboo around talking about money. As leaders and influencers in fintech, we all play an important role in shaping how Canadians manage, interact with, think about, and of courese talk about money and their finances.
See: 10 Eye-Opening Financial Literacy Statistics
Financial technology companies are uniquely positioned to provide Canadians with the tools, information, and resources they require to improve their financial well-being. As tech continues to transform how we manage our money, it is more important than ever to ensure that all Canadians, regardless of financial knowledge and background, are prepared to make educated and smart decisions about money.
3 Ways Fintechs Can Get Involved this November to Make A Difference
1. Boost Financial Literacy Education On Your Platform
You may already have a wide range of financial resources and tools on your platform. This November, encourage visitors to explore these educational features that can provide valuable information around budgeting tools, credit score monitoring, saving options, debt management, and tailored financial insights that align with your community and platform design and tools. If you're stuck for time and don't have many educational resources on your website, you can draw from the various free tools and resources available on the FCACs website. Or share the latest FCAC financial well-being survey results to help inform.
One idea is to create digestible content in a series that you can regularly share throughout the month of November to help customers understand critical financial literacy issues and concepts. If your platform can deliver data-driven personalized advice to users that would be amazing. For example, analyzing spending patterns and recommending tips on reducing expenses or how to optimize budget planning. This type of content can also be delivered through quizzes or challenges where the results help guide customers towards better financial habits.
Image courtesy of FCAC
2. Promote Open Conversations About Money
Host a virtual event or webinar and encourage your network to participate in an FLM campaign by sharing their own stories, challenges, or tips on social media using the hashtags #MoneyOnYourMind and #FLM2024. Perhaps participants can share their financial achievements and how they did it. You could incentivize participation with rewards and discounts or perks on your platform. Feature the top stories through your network and social channels to help inspire others. Engage with other influeners or financial experts to discuss and host Q& A sessions.
3. Support Financial Literacy for Underserved Communities
Traditional financial services remain out of reach for many Canadians. Fintechs can be crucial in closing this gap by creating resources and tools that specifically help underprivileged or marginalized populations.
See: FCAC Survey Results on Canadian's Financial Well-Being
Collaborate with NCFA Canada and others to develop and disseminate instructional materials that are available to all Canadians, including those who might not have access to conventional financial institutions. Offer them free access to your platform's premium features during FLM along with financial management resources.
Let's Boost Financial Literacy in Canada!
As a Fintech, you're in a great position to lead the way in encouraging financial literacy this November. By incorporating education into your platform, connecting with your user base through events or social media, and removing barriers for underprivileged groups, you can contribute to a future in which every Canadian feels competent managing their finances.
The National Crowdfunding & Fintech Association (NCFA Canada) is a financial innovation ecosystem that provides education, market intelligence, industry stewardship, networking and funding opportunities and services to thousands of community members and works closely with industry, government, partners and affiliates to create a vibrant and innovative fintech and funding industry in Canada. Decentralized and distributed, NCFA is engaged with global stakeholders and helps incubate projects and investment in fintech, alternative finance, crowdfunding, peer-to-peer finance, payments, digital assets and tokens, artificial intelligence, blockchain, cryptocurrency, regtech, and insurtech sectors. Join Canada's Fintech & Funding Community today FREE! Or become a contributing member and get perks. For more information, please visit: www.ncfacanada.org
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